WASHINGTON – Despite growing concerns about tariffs on imported goods, American consumers continued to spend steadily in April, according to data released by the U.S. Census Bureau. The National Retail Federation’s Chief Economist, Jack Kleinhenz, emphasized that the economy remains resilient, supported by strong employment numbers, rising wages, and lower energy costs.
“Consumers are still spending despite widespread pessimism fueled by rising tariffs,” said Kleinhenz. “While tariffs may have weighed on spending decisions, growth is coming at a moderate pace and consumer spending remains steady, reflecting a resilient economy. The momentum and willingness to spend is being supported by positive data on jobs and wages along with lower energy prices.”
According to the Census Bureau, overall retail sales in April increased 0.1% seasonally adjusted month over month and were up 5.2% unadjusted year over year. This follows March gains of 1.7% month over month and 5.2% year over year.
Core retail sales, as defined by NRF to exclude automobile dealers, gasoline stations, and restaurants, were down 0.1% month over month but rose 5.1% year over year unadjusted. On a three-month moving average, core sales were up 3.4% year over year, and up 3.8% for the first four months of 2025.
In contrast, last week’s CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that core retail sales rose 0.9% month over month and 7.11% year over year in April. That compared with March increases of 0.4% and 5.07%, respectively.
As the nation’s leading voice for the retail industry, NRF continues to provide monthly retail data and annual forecasts for overall retail performance and significant shopping periods, including the holiday season.
For more insights and retail data, visit www.NRF.com.
